andy constan, thank you for being on . seems like a long time ago now, but now they have made this announcement and i would wonder, does the market know how much there is to be issued? when it will be issued? it is surprising to me that you think the actual issuance itself would be the catalyst when it's the knowledge of the issue and how much favor there is to go. i think that is how the market would price it now. >> that's right. you have to think about the amount of money that can front run something like this. in certain circumstances like a small rebalance, you don't need much money to move out of the market. we are talking about approximately $200 billion of supplies coming in the fourth quarter and more in this quarter in bond issuance and that's about $200 billion of money that can be front running bond markets, so i think we will have a situation where the front running will do some. maybe -- i don't know, half? the actual supply will affect the market on an ongoing basis. >> andy, i want to go back to the point y